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Wednesday, January 14, 2015

CFPB Seeks Comment on Safe Student Account Scorecard

The CFPB is seeking input on a “Safe Student Account Scorecard” to help colleges access information about fees, features and sales tactics of a financial institution before agreeing to a sponsorship. Specifically, the scorecard asks financial institutions to provide schools with:

  • A clear description of product fees and features
  • Full disclosure about the financial institutions’ marketing practices, especially regarding the college’s logo
  • How much the financial institution earns from the accounts
  • Annual summary of fees

Comments are due March 16, 2015.

Read the CFPB press release.
Request information.

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